Rob S
Well-Known Member
Indeed. The idea that expensive lawyers can walk all over cowering judges is so wide of the mark. This guy knows what he's doing and isn't going to let either side get away with anything.
Judicial review thread - day 2 (5 Viewers)
- Thread starter AFCCOVENTRY
- Start date
Indeed. The idea that expensive lawyers can walk all over cowering judges is so wide of the mark. This guy knows what he's doing and isn't going to let either side get away with anything.
fernandopartridge
Well-Known Member
But decisions made were not about CCFC but about ACL surely?
fernandopartridge
Well-Known Member
I don't know the terms. I was talking equivalence in figures. I was under the impression that the loan was to protect the asset (in the absence of being able to refinance elsewhere).
Bennets Afro
Well-Known Member
Surely the whole reason for the bail out was to save a community asset from going under.
If other options were available there was no need for the council to step in
And one option that would of left ACL debt free
If other options were available there was no need for the council to step in
And one option that would of left ACL debt free
As I see it -
If sisu were told all deals were off before the council took over the loan there was a real threat that sisu would put the club in administration/liquidation immediately. That would make it impossible for the council to provide the loan and also have YB to pull out completely. ACL would be totally bankrupt.
shmmeee
Well-Known Member
Sorry, I'm not following. CCFC's status effects ACL's business. Quite significantly, as you pointed out yourself earlier.
I'm just reading through the Telegraph page (didn't see that yesterday!) and it makes a bit more sense now. But seems to me that the offer from YB came with conditions of cost cutting. If that's the case then the loan from CCC would be more attractive if there was a regeneration strategy around boosting ACL's business, that wouldn't fit with an austerity program surely? It wasn't oranges and oranges as your first post suggested.
AFCCOVENTRY
Well-Known Member
@TheSimonGilbert: Sisu present evidence they believe shows ACL was not as profitable as stated to councillors.
shmmeee
Well-Known Member
But the other options weren't identical, they came with strings attached. Strings that may not have been compatible with the council's stated aims for Coventry.
Where have I heard that phrase in relation to a Sisu owned company before?
Sub
Well-Known Member
Sisu QC tells court PriceWaterhouseCoopers report found that profitably of ACL was “overstated” and the cash flows required for repaying debt “were significantly” lower.
Accounts skewed by £1.3m payment from Isle of Capri casino which were spread out over more than one year for accounting reasons but in fact all the money was banked in the first year and no more of the cash would be coming so should be “stripped out of the accounts”.
PWC said ACL only able to service £4m to £5m of debt.
Accounts skewed by £1.3m payment from Isle of Capri casino which were spread out over more than one year for accounting reasons but in fact all the money was banked in the first year and no more of the cash would be coming so should be “stripped out of the accounts”.
PWC said ACL only able to service £4m to £5m of debt.
sky blue john
Well-Known Member
Getting to the crux now.
Judge has mentioned EU test. So I presume if the loan has passed the EU test then the rest is irrelevant !
Judge has mentioned EU test. So I presume if the loan has passed the EU test then the rest is irrelevant !
fernandopartridge
Well-Known Member
What drove the need to refinance the loan?
shmmeee
Well-Known Member
Can we not talk in riddles? It's early and I'm ill.
Edit: are we back to the "We Want SISU Out" conspiracy?
fernandopartridge
Well-Known Member
But the other options weren't identical, they came with strings attached. Strings that may not have been compatible with the council's stated aims for Coventry.
Where have I heard that phrase in relation to a Sisu owned company before?
ACL are a private company? Are you saying there is a conflict of interest?
Sub
Well-Known Member
Mary_Mungo_Midge
Well-Known Member
As yet, we haven't seen or heard anything that suggested SISU would have an interest in anything other than tenancy, have we?
fernandopartridge
Well-Known Member
Why did ACL need to refinance the loan?
AFCCOVENTRY
Well-Known Member
Lol
@TheSimonGilbert: Judge asks what was wrong with councillors being told ACL was profitable when audited accounts show they were.
@TheSimonGilbert: Judge asks what was wrong with councillors being told ACL was profitable when audited accounts show they were.
shmmeee
Well-Known Member
No, it appears you are though.
Are you saying CCC can't take politics into account when making decisions regarding ACL? Because it seems the judge doesn't agree.
AFCCOVENTRY
Well-Known Member
Break for oranges now...
shmmeee
Well-Known Member
That'd be a no then. Sorry mate, you're going to have to explain like I'm 5 today.
They didn't - the interest rate would be considerably higher.
When public money is used in commercial ways it MUST be with the intend of making a profit equal to any comparable private enterprises. The ccc loan should have been on normal interests to follow EU legislation.
Beside that - when a bank had offered to provide the loan then ccc had no grounds for providing the loan itself. That's upsetting the fair and free market using public means - something the whole regulating of state aid is set up to avoid.
Nick
Administrator
Only if you put your hand up before asking!
*Couldn't resist a shit, teacher gag on a Tuesday while all the talk is about politics, law, accounts.
Mary_Mungo_Midge
Well-Known Member
'Very animated' doesn't exude a 'quiet confidence', does it?
The stadium itself is a community asset - ACL is not.
The Penguin
Well-Known Member
Messy accounts are par for the course for Coventry City!
fernandopartridge
Well-Known Member
No. What's political about it?
So what you're saying is that for ACL to make a good profit, they were obliged to take the cheapest form of restructuring? Did CCC provide the loan or arrange the loan?
fernandopartridge
Well-Known Member
Anyway. Fuck arguing about it. What's done is done.
sky blue john
Well-Known Member
Knickers & Twist !
